External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.</li><li>Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.</li><li>News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.</li></ul>

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement for circular debt resolution is scheduled for Wednesday (Tomorrow), 24th September 2025, at the Prime Minister’s Office.Previously, the government finalized a plan to borrow Rs1.25-1.275 trillion from banks to retire the power sector’s circular debt.News flow suggest this Rs1.25tn will include restructuring of existing debt of Rs683bn held in balance sheet of Power Holding Limited (PHL) at KIBOR plus 2%, as per our channel checks and news reports.

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

Cross Asset Strategy

<ul><li>MSCI released an update on its Quarterly Index Review, notifying of 3 additions for Pakistan in the MSCI Main Frontier Market Index.</li><li>All changes will be implemented as of the close of Feb 29, 2024.</li><li>The new additions to the MSCI Main Frontier Market include Bank AL Habib (BAHL), Interloop (ILP), and Sui Northern Gas Pipelines (SNGP).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MSCI released an update on its Quarterly Index Review, notifying of 3 additions for Pakistan in the MSCI Main Frontier Market Index.All changes will be implemented as of the close of Feb 29, 2024.The new additions to the MSCI Main Frontier Market include Bank AL Habib (BAHL), Interloop (ILP), and Sui Northern Gas Pipelines (SNGP).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSCI Quarterly Index Review: 3 additions to MSCI Pakistan Frontier Main Index

Pakistan

SNGPL is the largest integrated gas company serving more than 7.22 million consumers in North Central Pakistan through an extensive network in Punjab, Khyber Pakhtunkhwa and Azad Jammu & Kashmir.

Sui Northern Gas Pipelines Limited (SNGP PA)

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Sui Northern Gas Pipelines Limited (SNGP PA)

Topline Flash Note: Pakistan Power - Power Circular Debt: Financing Facility Signing Ceremony Will Take Place Tomorrow

As per our channel checks and based on the invitation notice circulating on social media, the signing ceremony of the financing facility agreement...

Topline Securities

MSCI Quarterly Index Review: 3 additions to MSCI Pakistan Frontier Main Index

MSCI released an update on its Quarterly Index Review, notifying of 3 additions for Pakistan in the MSCI Main Frontier Market Index. All changes...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)